FAU Professor Helps Develop New National Standards for Financial Literacy
BOCA RATON, Fla. (May 9, 2013) – William Bosshardt, Ph.D., director of the Center for Economic Education within the College of Business at Florida Atlantic University, served as project director for the National Standards for Financial Literacy. Introduced by The Council for Economic Education (CEE) and developed by a team of experienced economists, education specialists at Federal Reserve banks, and financial education researchers, the National Standards for Financial Literacy develops framework for new national standards and curriculum for K-12 personal finance literacy education.
“I am extremely fortunate to have coordinated such a well-known and knowledgeable team,” said Bosshardt. “These standards will improve how personal finance is presented in K-12 schools.”
The standards contain the six areas of knowledge and understanding that are fundamental to personal finance: Earning Income; Buying Goods and Services; Using Credit; Saving; Financial Investing; and Protecting and Insuring. Each standard emphasizes decision-making skills by explicitly relating planning and goal setting, financial decision-making, and assessing outcomes to each standard. Through the standards, students learn how their personal situations and preferences affect their financial decisions.
“The National Standards for Financial Literacy are vital to preparing our children to successfully navigate through a dizzyingly complex financial world,” said Mark Zandi, economist and co-founder of Moody’s Economy.com.
Written in accessible, easily understandable terminology, the standards are designed to be applicable to all socio-economic groups. These standards provide the basis of student assessment, for curriculum development, and for the development and correlation of personal finance to existing and new lessons, and other teaching materials.
“We believe that a basic understanding of a critical framework for making informed decisions about budgeting, saving and investing,” said Nan J. Morrison, President and CEO of the Council for Economic Education. “In order to equip adults with these valuable skills, personal finance education must begin at the K-12 level—and the ‘K’ is every bit as important as the ‘12.’”
For more information, contact William Bosshardt at 561-297-2908 or firstname.lastname@example.org.
-FAU-About Florida Atlantic University:
Florida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, the University, with an annual economic impact of $6.3 billion, serves more than 30,000 undergraduate and graduate students at sites throughout its six-county service region in southeast Florida. FAU’s world-class teaching and research faculty serves students through 10 colleges: the Dorothy F. Schmidt College of Arts and Letters, the College of Business, the College for Design and Social Inquiry, the College of Education, the College of Engineering and Computer Science, the Graduate College, the Harriet L. Wilkes Honors College, the Charles E. Schmidt College of Medicine, the Christine E. Lynn College of Nursing and the Charles E. Schmidt College of Science. FAU is ranked as a High Research Activity institution by the Carnegie Foundation for the Advancement of Teaching. The University is placing special focus on the rapid development of three signature themes – marine and coastal issues, biotechnology and contemporary societal challenges – which provide opportunities for faculty and students to build upon FAU’s existing strengths in research and scholarship. For more information, visit www.fau.edu.